New 10% tariff goes into effect after SCOTUS rules IEEPA usage illegal

The US began collecting a new 10% global tariff on Tuesday under a new statute, days after the US Supreme Court struck down President Trump’s use of sweeping duties under the International Emergency Economic Powers Act (IEEPA).

During a Friday press conference following the high court’s decision, Trump said he will impose a 10% global tariff under Section 122 which allows a president to impose duties up to 150 days on countries “to deal with large and serious United States balance-of-payments deficits.” Over the weekend, Trump on social media threatened to raise the amount to 15%, the maximum allowed under the statute. But no further action was taken to raise the rate.